Crawford United Corporation An – GuruFocus.com
- Revenues of $31.0 million, an increase of 29%
- Finalization of the acquisitions of Reverso Pumps and Separ Filters of America
- Earnings per share of $0.31
CLEVELAND, May 13, 2022 (GLOBE NEWSWIRE) — Crawford United Corporation (CRAWA), a growth-oriented holding company serving diverse markets, today announced its results for the three-month period ended March 31, 2022.
For the quarter ended March 31, 2022, sales amounted to $31.0 million compared to $24.0 million for the same period last year, an increase of 29%. During this quarter, the Company recorded an operating profit of $1.4 million compared to $2.3 million for the same period last year. Net earnings were $1.1 million, or $0.31 per fully diluted share, compared to $3.1 million, or $0.93 per fully diluted share, for the same period last year. last year.
The increase in revenue is mainly attributable to the acquisitions of Global-Tek Manufacturing in March 2021 and Emergency Hydraulics in July 2021, as well as Reverso Pumps and Separ Filters of America in January 2022. partially explained by – cash stock awards valued at $0.9 million in the current quarter, compared to $0.3 million in the same quarter last year, based on the price of the action considerably higher this year. In addition, net income for the first quarter of 2021 was higher due to the cancellation of debt in the amount of $1.5 million under the CARES Act.
Brian Powers, President and CEO, said, “We are pleased with the continued recovery of our business from the pandemic and remain confident in our ability to deliver on our long-term strategic priorities. Our recent acquisitions of Reverso Pumps and Separ Filters of America will positively impact our sales levels and earnings for the remainder of 2022. Crawford United continues to explore opportunities for increased revenue and improved profitability , always with a view to additional acquisitions.
About Crawford United Corporation.
Crawford United Corporation is a growth-oriented holding company that provides specialty industrial products to various markets, including healthcare, aerospace, education, transportation and petrochemicals. The company currently operates three business segments. The Aerospace Components business specializes in highly complex precision components for customers in the commercial and military aviation industry, offering complete engineering, machining, grinding, welding, brazing, heat treatment and end-to-end assembly. The Commercial Air Handling business is a leader in the design, manufacture and installation of large-scale, highly customized commercial, institutional and industrial air handling solutions, primarily for hospitals and universities. The Industrial Hose business is a leading manufacturer of flexible metal interlocking hoses and distributor of a full line of branded silicone, plastic, rubber, hydraulic, marine and fuel products. For more information, visit
Information about forward-looking statements.
This press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company’s future results. Generally, these statements can be identified by the use of words such as “guidance”, “outlook”, “believes”, “estimates”, “anticipates”, “expects”, “plans”, “seeks”, “projects”, “intends”, “anticipates”, “may”, “will”, “should”, “could”, “would” and similar expressions intended to identify forward-looking statements, although all statements prospectives do not contain these identifying words. These forward-looking statements, or other statements made by the Company, are based on management’s expectations and beliefs regarding future events affecting the Company and are subject to uncertainties and factors (including, but without limitation, those specified below) which are difficult to predict and, in many cases, are beyond the control of the Company. Accordingly, the Company’s actual results could differ materially from those expressed or implied by such forward-looking statements. These uncertainties and factors include the Company’s ability to successfully integrate acquisitions and manage the larger businesses of the combined businesses, the Company’s dependence on a limited number of aerospace industry customers, the highly competitive industry in which the Company operates, which includes several competitors with greater financial resources and larger sales organizations, the Company’s ability to take advantage of market opportunities in certain industries, the Company’s ability to obtain cost-effective financing and the Company’s ability to meet obligations under its financing agreements, supply shortages or increased costs of transportation, labor, or products, components, or materials necessary raw materials, statements relating to the expected effects on the Company’s business of the COVID-19 pandemic, the duration and summer n the nature of the COVID-19 pandemic and the impact on demand for the Company’s products, actions that governments, businesses and individuals are taking in response to the pandemic, including mandatory business closures and restrictions on on-site business interactions and any reimposed public health measures or heightened public health restrictions in response to any increased spread of new strains of COVID-19 in the Company’s markets, the impact of the pandemic and the measures taken in response to the pandemic on global and regional economies and economic activity, the pace of recovery when the COVID-19 pandemic subsides, efforts to combat COVID-19, including development and distribution of vaccines, general economic uncertainty in key global markets and worsening global economic conditions or low levels of economic growth, including including the economic impact of inflation and Russia’s invasion of Ukraine, as well as the risks described from time to time in the Company’s reports filed with the Securities and Exchange Commission. Further information about potential factors that could affect the Company’s financial results and its forward-looking statements is included in its most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement, except as required by law. These forward-looking statements speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Brian E. Powers
President and CEO
“Crawford United have a great future behind them.”
|UNITED CRAWFORD CORPORATION
Consolidated income statement (unaudited)
|Three months completed|
|Cost of sales||24,636,341||79%||17,991,083||75%|
|Operating Expenses :|
|Selling, general and administrative expenses||4,969,084||16%||3,677,461||15%|
|Other (income) Expenses:|
|Interest charges||261,016||1%||218 618||1%|
|Other (income) expenses||(504,786||)||-2%||(1,562,117||)||-6%|
|Total other (income) and expenses||(243,770||)||-1%||(1,343,499||)||-5%|
|income before taxes||1,641,091||5%||3,668,959||15%|
|income tax expense||575 216||2%||525 542||2%|
|Net earnings per common share|
|Weighted average number of shares outstanding|